Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Court: income tax appellate tribunal itat jaipur Page 19 of about 337 results (0.121 seconds)

Deputy Commissioner of Income Tax Vs. Prajapita Brahma Kumaris

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... case the assessee institution was being run with a profit motive. the following observation appear at p. 615 of 208 itr - "it is true that by reason of the finance act, 1983, the question as to whether any charitable institution is being run with a profit motive or not has lost its relevance. however, the word "charitable" prefixing the word ..... purposes and it should not be existing for the purpose of profit. it will also be useful at this stage to note the provisions of s. 10(22) of the act. "sec. 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included - (22) any ..... which are used for purchasing immovable assets as well as movable assets. the ao further noted in his order that assessee also running three hostels for children of weaker section, children of the staff members and devotees and expenses made on them were on very lower side whereas the receipts shown are on a very higher side because assessee .....

Hindustan Zinc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2000)66TTJ(JP.)3

..... assessing officer was considered erroneous and prejudicial to the interest of revenue and hence a proposal was sent by the commissioner for taking action under section 263 of the income tax act. the commissioner, after receipt of this proposal, issued a show-cause notice to the assessee giving a reasonable opportunity of being heard. in ..... section 263, also observed that the assessee in its audited balance sheet had capitalised this amount of interest and this amount of interest was not claimed as an expenditure in the profit & loss account relating to the year under consideration. in response to the show-cause notice issued by the commissioner, assessee submitted that for financing ..... material, we have no hesitation in holding that the interest in respect of capital borrowed for the purpose of business is rightly claimed under section 36(1)(iii) of the act. interest claimed was on capital borrowed for the purpose of business, which is being carried on in the previous year by the assessee and .....

Ashok Kumar Kataria Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2002)75TTJ(JP.)392

..... jaipur, has accepted the said disclosures of shri ashok kataria huf and his wife, smt. saroj devi kataria to be a valid disclosures and issued certificates under section 68(2) of the finance act, 1997, on 9-3-1998, and 20-3-1998, respectively. the valuation reports of jewellery disclosures were also filed along with the disclosure made by the ..... 's wife has also made a disclosure of 545.950 gms. of gold jewellery under vdis for which the commissioner, jaipur, has issued a certificate under section 68(2) of the finance act, 1997, on 20-3-1998. the department has neither revoked the said certificate, nor cancelled any of the wealth-tax assessment, for which the said smt ..... the hands of the assessee's wife smt. saroj devi. the same by no stretch of imagination can form part of the undisclosed income as defined under section 168b(b) of the act. hence, the commissioner (appeals) is found to have committed an error in upholding the action of the assessing officer. accordingly, the addition of rs. 1 .....

Arvind Bhartiya Vidyalaya Samiti Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2005)94TTJ(JP.)614

..... as well as prejudicial to the interest of revenue.1. these four appeals by the assessee raise several common grounds against the four different orders passed under section 263 of the act by learned cit-ii, jaipur, challenging jurisdiction, correctness of the action taken and the same being based on suspicion and being arbitrary, needs to be ..... 2) were issued, enquiries with reference to survey report on record were made and assessment completed at nil income after accepting the claim of exemption under section 10(22) of the act.3. the learned cit, after giving show-cause notice to the appellant and after examination - of record, was of the view that the assessment orders ..... could cause any prejudice to revenue. the ao is found to have carried out inquiries from shri sanjay parashar who appeared before him and who is director (finance) and also happens to be a landlord for hostel accommodation hired by the appellant from him. the assessee had also taken accommodation from persons who were not .....

Silver Mines Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2007)110TTJ(JP.)118

..... in v. jaganmohan rao v. cit , therefore, is only to the extent that once an assessment is validly reopened by issuance of a notice under section 22(2) of the 1922 act (corresponding to section 148 of the act), the previous underassessment is set aside and the ito has the jurisdiction and duty to levy tax on the entire income that had escaped assessment ..... raised by the assessee are as under: 1. the learned cit(a) has erred in law as well as on facts in upholding the reopening of the case under section 148 of it act, 1961 by the ao. 2. the learned cit(a) has erred in law as well as on facts in upholding the additions made by ao amounting to rs. 40 ..... referred to as six months as it was the period specified originally when the new provision was introduced w.e.f. 1st april, 1989. however, vide amendment made by the finance (no. 2) act, 1991, this period was enhanced to twelve months w.e.f. 1st oct., 1991. in the present case, it is an admitted position that no notice under .....

income-tax Officer Vs. Mannalal Nirmal Kumar

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1985)14ITD429(JP.)

..... for such expenses, i.e., rs. 5,000. therefore, the assessee is entitled to this amount as deduction. furthermore, there is an amendment which is there in section 40a of the act vide the finance act, 1985 and the parliament has taken away even this relief to the assessee, which proves the intention of the parliament vis-a-vis for allowance of such legal ..... of rs. 6,505 including consultation fee paid to shri s.p. mehta amounting to rs. 3,950.2.1 the ito disallowed this amount under section 80vv of the income-tax act, 1961 ('the act').3. in appeal, the aac allowed it on the ground that it was in the nature of genera] consultation and hence to be allowed as one ..... . as there was a difference of opinion between the two learned brothers on this issue, the point of difference of opinion was referred to the president under section 255(4) of the act, who is pleased to nominate me as a third member. the point of difference of opinion referred by the learned members for the opinion of the third member .....

Triveni Pharma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2005)92ITD125(JP.)

..... learned judicial member did not agree with the above view of the learned accountant member. he noted provisions of section 145 of the income-tax act as amended by the finance act, 1995 with effect from 1-4-1997 and quoted three sub-sections. thereafter took note of notification no. so 69(e), dated 25th january, 1996 notifying application of accounting ..... the learned cit(a) as also by the learned am in the proposed order. how else the assessee was required to challenge application of provision of section 145(3) of the act in the. circumstances discussed above and in the light of material available on record, the books of account in my view could not be rejected ..... to be resolved by one or more members of the tribunal as may be nominated by the hon'ble president, income-tax appellate tribunal in terms of section 255(4) of the act. also there is a difference in questions amongst the members. accordingly, the following questions of difference are referred: question per shri b.r. jain, accountant .....

Shri Ramesh Chand Ludhani, Prop. Vs. the Asstt. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... question no. 6 that whole of cash in his house was his own money and no cash belonged to any other person. however, in the final statement under section 132(4) of the act, the assessee has stated that out of rs. 2,56,689/-, sum of rs. 2,00,000/- belonged to m/s. vaishali enterprises. still in the ..... case briefly stated are that m/s. godfrey philips (india) ltd. (gpi for short) and its allied companies and their associates were subjected to search operation under section 132 of income-tax act on 09.01.1986. m/s. vaishali enterprises, ajmer was a wholesale dealer of gpi and assessee as a partner of above concern was also searched. a sum ..... of the assessee and the appeal of the assessee is partly allowed.1. the learned members of itat jaipur bench have referred this appeal to me under section 255(4) of the income-tax act. the members could not agree on the question which would cover the difference and have, accordingly, referred the following questions for consideration : "whether on the facts .....

income Tax Officer Vs. Agencies Rajasthan (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2008)117TTJ(JP.)542

..... present case has reached its finality before 30th sept., 2004 as per the provisions of section 142a of the act is concerned, we do not agree with him, because under the wordings of proviso to section 142a inserted by the finance (no. 2) act, 2004 with retrospective effect 15th nov., 1972 is very much clear. for a ready reference ..... the report of the dvo, even if it was held illegal, was rightly used by the ao. the learned departmental representative also referred provisions of section 142a of the act with this submission that it h%s come into effect retrospectively from 10th nov., 1972 with this exception that the provisions shall not apply in respect ..... , the same is reproduced hereunder: provided that nothing contained in this section shall apply in respect of an assessment made on or before .....

Karingji Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1993)45ITD551(JP.)

..... respectively. section 44ac makes special provision for computing profits and gains from the business of trading in certain specified goods, under the head ..... and pithasaria at page 1916 and submitted that the language of section 44ac (3) was quite clear and unambiguous. it was contended that the virus has also been upheld in the cited cases and, therefore, the order under appeal called for no interference.5. sections 44ac and 206c were inserted by finance act, 1988 w.e.f.1-4-1989 and 1-6-1988 .....